International Paper to close Albany factory, cut 1600 jobs nationwide

flickr photo: velvetonholidayInternational Paper will close its iconic Albany mill, the company announced today.International Paper, the world's largest producer of office paper and pulp, announced today that it will close its iconic Albany, Ore. factory, and thus cut 270 Oregonian jobs.

The company is cutting 1,600 jobs nationwide (3 percent of their workforce) due to decrease in demand for their products, Bloomberg reports.

“We have concluded that we have excess capacity in our North American paper and packaging businesses, and these decisions will better match our supply with our expected customer demand,” said Chief Executive Officer John Faraci in a statement.